Bitcoin Today: Novogratz sees the bottom
Price
Friday is the third day of grows, which brings the price to the upper bound of the 6250 – 6600 channel. Despite that this grows did not have any noticeable volumes or momentum, the fact that the price holds above psychological 6500 and leans to technical level 6600 opens a possibility for a breakthrough and further bullish developments, especially if traders will get positive feedback from the newsdealers. Bullish scenario: price holds above 6500, gains more support and breaks above 6600 during the US daily hours. Bearish scenario: rebound from 6600 and movement inside the 6250 – 6600 channel. Still, current patterns do not give any hints for possible bullish rallies. Until we will see the 7000 price, the only possibilities that traders should look for now are short-term swing trades. CoinDesk analyst Sebastian Sinclair sets the threshold for bullish review even higher than 7000, at 8500.
Today forecast
Trading in the 6250 - 6600 zone.
Latest news
Friday is the third day of grows, which brings the price to the upper bound of the 6250 – 6600 channel. Despite that this grows did not have any noticeable volumes or momentum, the fact that the price holds above psychological 6500 and leans to technical level 6600 opens a possibility for a breakthrough and further bullish developments, especially if traders will get positive feedback from the newsdealers. Bullish scenario: price holds above 6500, gains more support and breaks above 6600 during the US daily hours. Bearish scenario: rebound from 6600 and movement inside the 6250 – 6600 channel. Still, current patterns do not give any hints for possible bullish rallies. Until we will see the 7000 price, the only possibilities that traders should look for now are short-term swing trades. CoinDesk analyst Sebastian Sinclair sets the threshold for bullish review even higher than 7000, at 8500.
Today forecast
Trading in the 6250 - 6600 zone.
Latest news
- Novogratz sees the bottom
Investors and bitcoin-evangelist Michael Novogratz, one of the most famous investors in the crypto-currency industry, said that the market had finally passed the "bottom" and that it no longer had a way down.
The founder and head of the crypto-bank Galaxy Digital wrote in his Twitter account commenting on the chart of Bloomberg Galaxy Crypto Index (BGCI).
The chart, he said, shows that the market reached the point where it was in mid-November last year just before the start of the impressive bull rally and the growth of the bitcoin price to $20,000.
“This is the BGCI chart...I think we put in a low yesterday. retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble... markets like to retrace to the breakout..we retraced the whole of the bubble. #callingabottom” - Novogratz
Bloomberg Galaxy Crypto Index displays composition of the most liquid currency in relation to the US dollar.
Last Wednesday, the cumulative capitalization of the cryptocurrency market fell to its lowest point this year, after which Bloomberg columnist Michael Patterson said that the drop in the crypto industry in 2018 was worse than the collapse of the dotcom bubble in 2000. This comparison was made on the basis of the Nasdaq composite index, according to which the dotcom market fell in 2000 from the peak to the lowest level on 78%. At the same time, the drop in cryptocurrency since the beginning of 2018 was 80%.
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